Securities & Exchange Commission v. Lincoln Thrift Association, and Fred Thender, Depositors-Appellants

577 F.2d 600 SECURITIES & EXCHANGE COMMISSION, Plaintiff-Appellee, v. LINCOLN THRIFT ASSOCIATION et al., Defendants, and Fred Thender et al., Depositors-Appellants. No. 77-2633. United States Court of Appeals, Ninth Circuit. June 28, 1978. Jack Levine, Phoenix, Ariz., for depositors-appellants. George G. Yearsich, Honolulu, Hawaii, for plaintiff-appellee. Appeal from the United States District Court for the District of Arizona. Before BARNES and KENNEDY, Circuit Judges, and BARTELS, District Judge. * BARNES, Senior Circuit Judge: 1 This is an appeal by creditors who are not parties to the proceedings below, from an Order of the United States District Court for the District of Arizona which denied the appellant creditors' motion to wind up a Securities & Exchange Commission initiated receivership, and to transfer the pending proceedings to a bankruptcy court, or in the alternative, to issue an order requiring an election of a new board of trustees and a creditors' committee to carry out the liquidation of the assets of the companies in the existing receivership. JURISDICTION : 2 Before discussing the merits of the case we must dispose of two jurisdictional issues. First,…